Cloud computing is one of the most disruptive forces to hit the private sector in some time, as nearly every department in every type of organization can benefit from adopting the technology. Although the cloud is commonly considered a useful storage resource by giving employees access to mission-critical applications virtually anywhere at any time, it can also benefit financial departments in a number of ways.
This was highlighted in a recent study of more than 350 CFOs by Bill.com, which revealed that many financial executives are recognizing the potential the cloud can bring their departments. In the past, CFOs recognized the cloud’s potential to impact other segments of their organizations but were not aware that similar solutions could help them as well. Early adopters of cloud billing, accounts payable and cash flow management solutions, however, are changing the game.
“Early adopters who have switched to cloud-based financial systems told Bill.com they have greatly improved both their accounts payable and accounts receivable processes,” said Rene Lacerte, founder and CEO of Bill.com. “We are gratified to see financial professionals take advantage of all the savings and efficiencies that only the cloud can bring.”
The benefits of cloud-based financial processes
While there are many advantages associated with migrating financial operations to the cloud, the ability to save money and time were among the most significant, as more than 65 percent of respondents said these capabilities would encourage them to make the transition, the study reported.
The survey found that the majority of CFOs who are leveraging cloud billing and other processes can cut the time it takes to perform tasks in half and reduce expenses by upward of 50 percent, which can equate to tens of thousands of dollars.
Furthermore, migration to the cloud can moderate a firm’s dependence on physical paperwork, which is becoming increasingly important as the private sector embraces the digital world and deploys ecommerce and subscription business models. The study revealed that reducing paperwork was important to more than 85 percent of respondents, while only 14 percent said doing so didn’t really matter.
As more organizations deploy subscription models, using a SaaS-based subscription billing and management solution can give organizations a leg up on the competition, allowing them to expand in an otherwise stagnant economy.